Dragonchain announced the official introduction of a social media platform that incentivizes users for the creation and evaluation of quality content.
The Dragonchain Technology
Dragonchain is a technology firm that offers blockchain as a service. Its hybrid blockchain platform combines high performance and ease of use, which allows enterprises to build and deploy smart contracts in a matter of minutes. The American-based startup helps companies break into blockchain faster, without forcing them to change their existing IT infrastructure.
Dragonchain, currently ranked #288 by market cap, is up 20.98% over the past 24 hours. DRGN has a market cap of $9.99M with a 24 hour volume of $190.05K.
After a prolonged period of beta-testing, Dragonchain launched Dragon Den on Jan. 7, 2020. This is a social media platform that aims to counter fake news using blockchain technology. By allowing users to reward content creators and content evaluators, Dragon Den is set out to be “free of disinformation, bad actors, spam, and fake accounts.”
Dragon Den’s website reads: “Dragon Den’s reward model focuses on evaluating content within individual communities, grouped by a common topic or area of interest. Each community decides if content has merit.”
Dragonchain Social Media Benefits
Creator Works, the brainchild of Josh Dirks and Chris Pirillo, teamed up with Dragonchain to become the first of a series of vertical businesses built on top of Dragon Den. The idea is to spin-off Den as an independent entity, which will then create new businesses and projects.
Lawrence Lerner, the President of Consulting Services at Drangonchain, said: “We believe this is the foot to the accelerator that will drive massive adoption for Dragon Den. Creator Works leverages the power of Dragon Den and distributed ledger to create the next generation of social media and distribution.”
The partnership with Creator Works will provide content creators with a series of tools that ensure their audience, content, and rights have been owned by them. Users will be able to broadcast their content through multiple social media channels and Dragon Den will host its own media outlet as part of the rollout.
More details will become available during the Dragonchain Performance Demonstration event on Jan 7, 2020.
What Is Dragonchain?
Dragonchain is a blockchain platform for enterprises. It was originally developed at The Walt Disney Company in Seattle in 2014 and then open-sourced in 2016. Despite extensive speculation, there is absolutely no relationship between Disney and Dragonchain.
The open source code is maintained by the Dragonchain Foundation. And the commercial blockchain platform is maintained by the commercial entity named Dragonchain, Inc. Dragonchain is a public/private hybrid blockchain platform. Developers can use existing smart contracts from the library or write their own smart contracts and build (decentralized) blockchain applications in known languages.
Dragon Net is Dragonchain’s scalable and hybrid approach to achieve consensus. It is using independent verification nodes provided by the Dragonchain community and external partners. Verification nodes serve the purpose of verifying blocks from business nodes that contains the hashes of the businesses private transactions, thus not exposing sensitive business logic.
Unlike other blockchain platforms, there is no mainnet. Each application or node is its own blockchain, allowing more flexibility and scalability.